Camden Property Trust (CPT) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 29, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Kim Callahan

Good morning and welcome to Camden Property Trust First Quarter 2022 Earnings Conference Call. I'm Kim Callahan, Senior Vice President of Investor Relations. Joining me today are Ric Campo, Camden's Chairman and Chief Executive Officer; Keith Oden, Executive Vice Chairman and President; and Alex Jessett, Chief Financial Officer.

Today's event is being webcast through the Investors section of our website at camdenliving.com and a replay will be available this afternoon. We will have a slide presentation in conjunction with our prepared remarks and those slides will also be available on our website later today or by e-mail upon request. [Operator Instructions] And please note this event is being recorded.

Before we begin our prepared remarks, I would like to advise everyone that we will be making forward-looking statements based on our current expectations and beliefs. These statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information about these risks can be found in our filings with the SEC and we encourage you to review them.

Any forward-looking statements made on today's call represent management's current opinions and the company assumes no obligation to update or supplement these statements because of subsequent events.

As a reminder, Camden's complete first quarter 2022 earnings release is available in the Investors section of our website at camdenliving.com and it includes reconciliations to non-GAAP financial measures, which will be discussed on this call. We hope to complete our call within one hour. [Operator Instructions]

At this time I'll turn the call over to Ric Campo.

Ric Campo

Thanks Kim. The theme for our music today was fools as in April Fools. Since our IPO 29 years ago, April 1st, 2022 was one of the most consequential days in Camden's history. The day began with Kim Callahan telling us that Camden was being included in the S&P 500. At first, we just assumed Kim was attempting one of the lamest April Fools jokes in history, but Kim has never been a big jokester. Later that same day, we closed on our largest acquisition since the Summit merger in 2005 with the purchase of Texas Teachers partnership interest in 22 Camden communities with a gross valuation of $2.1 billion.

And finally, April 1st was the day that Camden completed the implementation of our Work Reimagined initiative, a comprehensive restructuring of how we staff, manage, and support our Camden communities. Alex will provide more details on this initiative in his comments.